Fri, May 31, 10:05 AM (143 days ago)
First Choice Healthcare Solutions, Inc. reported a net loss of $1,205,342 for Q1 2024, a 40% improvement from the $2,021,051 loss in Q1 2023. This reduction is due to decreased operating and non-operating expenses. Revenue increased to $6,851 from a negative $84,838, primarily from patient services. Operating expenses fell significantly, driven by reduced salaries, benefits, and general administrative costs. Interest expense also decreased to $711,116 from $938,000. Current assets declined slightly, with cash and cash equivalents dropping to $8,661 from $12,607, and accounts receivable decreasing to $87,760 from $92,444. Total liabilities also saw a minor reduction. The company’s working capital deficit and ongoing net losses raise substantial doubt about its ability to continue as a going concern without additional capital. Net cash used in operating activities decreased to $78,943 from $123,610, while financing activities provided $75,000 compared to $114,552 in the previous year. The company remains focused on reducing costs, improving cash flows, and seeking additional financing to support its operations.